Genova Property Group (GPG) Q1 2026 earnings summary

Executive summary

• Net profit for Q1 2026 was SEK 89m, up 27% year-over-year, mainly due to higher value changes in properties and derivatives.

• Operating profit and income from property management decreased 46% to SEK 28m, primarily due to lower positive value changes in joint ventures.

• Net operating income rose 6% to SEK 99m; rental income increased 7% to SEK 143m; occupancy rate was 92% with an average lease length of 4.8 years.

• Net asset value per share increased 5% during the quarter to SEK 76.72.

• Divestment of 50% of Viby project phase 1 at SEK 365m strengthened liquidity by SEK 100m and reduced interest-bearing liabilities by SEK 175m.

Financial highlights

• Rental income for Q1 2026 was SEK 143m (up 7% year-over-year); net operating income reached SEK 99m (up 6%).

• Income from property management was SEK 28m (down 46%); per share SEK 0.41 (down 54%).

• Net income was SEK 89m (up 27%); EPS SEK 1.74.

• NOI margin was 69.3%; economic occupancy rate 92%.

• Loan-to-value ratio stood at 56.3%, and equity/assets ratio at 33.3% as of Q1 2026.

Outlook and guidance

• Financing market assessed as stable despite global turbulence and macroeconomic uncertainty.

• Management expects continued stable property market activity and sees opportunities for further value realization and profitable growth.

• Continued asset divestments totaling nearly SEK 3.3bn over 24 months, all at or above book value.

• Liquidity expected to strengthen further as building rights divested in 2025 are transferred in H2 2026; two zoning plans may add SEK 175m in liquidity.

• Lower market interest rates and capital structure optimization expected to positively impact cash flow and key metrics.